ASTANA – Kazakhstan currently produces 1.8 million barrels of oil per day and does not plan to reduce its production in spite of its obligations to the Organization of Petroleum Exporting Countries (OPEC). “Today, our daily production rate is 1.8 million barrels…we are not going to lower it. The average daily rate will stay the same until the end of the year,” Kazakhstan’s Minister of Energy Kanat Bozumbaev said on June 26, speaking on the sidelines of Government House after a weekly regular government meeting. According to Bozumbaev, Kazakhstan sees no need to cut its oil production as it can keep its current production rate within the framework of its OPEC deal. Bozumbaev explained that Astana’s initial obligation to OPEC was 20,000 barrels less than in November 2016 level, which would be 1.6 million barrels per day. The International Energy Agency (IEA) stated in its April report that Kazakhstan had broken its obligation to reduce … [Read more...] about Kazakhstan faces oil production concerns
Oil production by country by year
OPEC deal could be extended if market not rebalanced by year-end
Trend: The OPEC deal on oil production cuts may be extended beyond 2018 if the participating countries consider that the market has not yet been rebalanced, Head of Economic Research at Sogefi Group and expert in energy policy Luis Colasante said in an interview with Azernews. He was commenting on whether the Organization of the Petroleum Exporting Countries (OPEC) chooses to continue with the same strategy fixed at the end of 2016 following the expiration of the current agreement. "OPEC is not feeling pressure to start winding down the production cuts despite oil prices continue their strong rally with a crude oil price of Brent above $80 a barrel," he said. OPEC sees the price spike as a short-term change driven by geopolitical concerns rather than the fundamentals of a much tighter oil market, according to the expert. The geopolitics has taken over the oil market, pushing crude oil prices up to three-year highs, he noted. "The market price will continue to increase if Venezuela … [Read more...] about OPEC deal could be extended if market not rebalanced by year-end
End of Glut in Sight? Oil Prices Rise for Sixth Straight Day, Hit 3-Year High
Kristian Rouz — International oil prices are rallying amidst the increased demand for fuel and declining oil stockpiles in the world's largest economies. Meanwhile, oil supply has been constrained by the OPEC oil cuts and the aftereffects of disinvestment in the energy sectors across the globe. Additionally, intensified turmoil in the Middle East has added upward pressure on crude prices. The ongoing hostilities in Syria, clashes in Yemen, as well as the persistent threat of radical Islamic terrorism, have all contributed to regional instability over the past few years. READ MORE: Oil Exporters Ditching Dollar, Switching to Other Currencies On Tuesday, Brent oil prices passed a psychological threshold of $75/bbl in London due to the expectations of a further supply squeeze. © AP Photo / Abd RaoufSudan Invites Russia to Take Part in Country's Oil, Gas Projects - … [Read more...] about End of Glut in Sight? Oil Prices Rise for Sixth Straight Day, Hit 3-Year High
Cotton buds and plastic straws could be banned in England next year
Cotton buds, plastic drinking straws and other single-use plastics could be banned from sale in England next year in the next phase of the campaign to try to halt the pollution of the world’s rivers and oceans. EURACTIV’s partner The Guardian reports. UK Prime Minister Theresa May hopes the announcement will encourage Commonwealth heads of government to up environmental action, although Canadian counterpart Justin Trudeau poured cold water on the idea on Thursday (19 April). “The Commonwealth is a unique organisation with a huge diversity of wildlife, and environments – so it is vital we act now,” the prime minister said, urging all Commonwealth countries to participate. Since the 1950s, 8.3bn tonnes of plastic has been produced. Plastic is seen as a versatile, indispensable product, but the environmental impact is becoming more stark. Plastic is now so pervasive that recycling systems cannot keep up and leakage into the environment is such that by 2050 … [Read more...] about Cotton buds and plastic straws could be banned in England next year
ADB forecasts national economy to grow in next two years
By Kamila Aliyeva The Asian Development Bank (ADB) forecasts growth of Azerbaijan's gross domestic product (GDP) at 1.7 percent in 2018, and 2 percent in 2019 as reviving oil prices allow higher public investment, stabilize the exchange rate and contain inflation, and maintain the current account surplus, the Asian Development Outlook 2018 (ADO) report said. As noted, in 2019, the country's economic growth rate will accelerate to two percent due to the expansion of the industry sector. “On the supply side, industry is forecast to contract by 0.5 percent in 2018 with a further drop in oil production, though the launch of the Shah Deniz II gas field in the second half of the year will offset some of the decline. In 2019, industry is expected to grow by 3.0 percent as gas production from Shah Deniz II expands,” the report said. A planned doubling of public investment, notably on infrastructure and public housing, is expected to boost construction by 6 percent in … [Read more...] about ADB forecasts national economy to grow in next two years